9911796707
TMI Blog2021 (4) TMI 1181X X X X Extracts X X X X X X X X Extracts X X X X ..... r) represented by its Director, Mr. Sushil Kumar Dhandhania, authorised by a Board Resolution dated 23.12.2019 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ambica Barter Limited (Corporate Debtor). 3. The present petition was filed on 24.01.2020, before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 8,53,000/- (Rupees Eight Lakh Fifty Three Thousand only) exclusive of interest and Rs. 7,28,963/- (Rupees Seven Lakh Twenty Eight Thousand Nine Hundred and Sixty Three only), which is interest calculated at 17% p.a.. The amount claimed is Rs. 15,81,963/- (Rupees Fifteen Lakh Eighty-One Thousand Nine Hundred and Sixty-Three only) inclusive of interest as on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e several letters to Corporate Debtor, dated 28.12.2015, 02.03.2016, 22.07.2014 and 26.02.2015 demanded the amount due and payable. h. The Corporate Debtor made part payment of the principal amount till 13.10.2016 and has acknowledged the liability to pay vide the balance confirmation sent by the Financial Creditor to the Corporate Debtor till 31.03.2018. 5. Ms. Ujjaini Chatterjee, learned Counsel for the Financial Creditor has averred that the date of default is 17.09.2013 and the default is continuing. Heavy reliance has been placed on the balance confirmation letter dated 21.04.2015 Page 51 of the petition wherein details of the accounts have been given which has been endorsed by the Corporate Debtor. 6. Mr. Jishnu Chowdhary, learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce confirmations produced by the Financial Creditor. 9. Learned Counsel for the Financial Creditor denies that there was any full and final settlement and that the Corporate Debtor has not produced any documents to prove his contention. 10. We have heard the learned Counsel for the Financial Creditor and the learned Counsel for the Corporate Debtor and have perused the records. 11. It is not in dispute that the Financial Creditor had given a credit of Rs. 10,00,000/- along with interest @ 17% p.a. for a period of ninety days which was extended time and again. 12. Proceedings under the Code are summary proceedings, hence we will not go into the merit of whether there was a full and final settlement. The Corporate Debtor has furnished a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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